Real Life MMD: Do I have a right to my niece's money back?

gaily

Wow - that's low.

If the account was opened by you in your name, for your niece - but you have not yet given her the money, then it's still yours. If you can check the balance, it sounds like you retain some control on the account.

Maybe it's your fault for giving the account details to the parents - surely they can make their own mind up to save for their kids if they want to. If you put it in her name - it's kind of tough, but as the account opener, the authority should have come to you, not to the parents about withdrawal.

I'd have thought (and I'm not being niave here, as it seems to be easy nowadays to commit fraud) but if you are the holder, then they shouldn't have been able to see the balance and have defrauded the bank, by taking out money in either your or their daughter's name.

I'd be more concerend as to how the family got the money. I've got ISA's set up for my kids, but they are in my name, so that if my kids are less responsible than i like at 18, then i can choose to wait until there is a need for it, rather than a 'p**s it up the wall' attitude when they turn 18!! I'm not giving any account numbers to anyone as they can make their own savings for my kids if they choose.

I get given clients bank details on a daily basis sorting out direct debits etc, but wouldn't have the urge or any inkling of how to go about taking money from an account. I know I'm harping on about it but it beggers belief that the bank let them....

Unless the account was in the niece's name with the parents as guarentors - and then you've just been daft! Sorry, can't provide a defence for you on that one.

birkee

The money was given freely, and is no longer anything to do with the giver......the money belongs to her Niece......when she's 18.

However! The thought of adults smashing open their Daughters 'piggy bank' for cash, makes them VERY desperate; or not very nice people at all. Did the money help to fend off a Baliff? A bit more understandable perhaps, BUT, every penny removed, should be paid back into the account with interest.

I have to ask! How come the giver was able to check the account to find it empty? Has it been used as a control mechanism for another family member?
I don't wish to make assumptions, or determine motivations, but checking someone elses account? How is this possible?

Perhaps I misunderstand, and the giver is the owner of the account on behalf of her Niece, so how were the family able to withdraw cash from it? If someone has MY account details, withdrawing cash from it is illegal. Did the giver allow multiple person access to her Nieces account?
This setup has left me very befuddled!

purpleweasel

If i was you i would feel hurt that they didn't at least consult you first, knowing that you were likely to notice. Do they really not care about family connections? Something like this can cause a permanent rift in a family.

If you get the money back &/or still want to save for your neice's future, you could always try premium bonds. I don't think you can buy them yourself for a neice but grandparents can buy for their grandkids so you could get your parents to do it for you. They are non-transferrable and could not be cashed in by anyone else. Not sure how any winnings would be paid, but if you have the same kind of luck as me you won't have to worry about that!

JSS

Tell your brother/sister that you want the money back to put into another savings account for your niece - one they CAN'T get at - otherwise you'll give the girl a card for her 18th with a note to explain that her parents stole her birthday money.

I wonder, however, how you didn't notice that your own brother/sister was in such financial trouble. You should also tell them that if they get into that sort of trouble again, they should come to YOU for help.

leann1

You clearly care a lot about your niece so need to tread carefully, I beleive that relationships are much more important than money.

If you carefully approach your brother/sister and explain that you understand why they've used the money but now that they're in a better financial position what's the best way to put the money back into the account, draw up some kind of repayment.

Also advise them that you wish they'd come to you in the first place as you could've helped them out.

That way you're being reasonable and hopefully don't have to fall out with them risking not seeing your niece!

penarthian

The deed has been done and it is obvious that you should have been more aware of the implications when you opened the account. The advice we were given when choosing childrens' savings was to imagine that we had saved for 18 years and then the child we had saved for, thinking it would be a deposit on a house or a car, blew the lot on a party or holiday with their friends. HOW WOULD WE FEEL. If that did not figure in our plans keep the money in your name and then YOU can decide WHEN the money should be gifted it would not be the child, or in this case the parents choice of timing. I presume it was your brother or sister that cleared the account out and you must have had a good relationship with them to initiate the savings plan. So why do you not investigate another savings plan and invite the parents to top it up with all or some of the money they 'borrowed'. After all it will be their child that will benefit in the future.

zigzigzag

This is theft, pure and simple. You gave the money to the niece, and they stole it. You didn't give the money to them, it wasn't there for them to take. In hindsight it would have been preferable to make restrictions on the account, but of course you never thought you'd need to protect your niece's money from her own parents! I think it's shocking that your brother/sister would treat you, and treat their daughter, with such disrespect. In an ideal world, they should pay back into a new account the amount that they took out. But when it comes to family dynamics, things can be far from ideal. (My parents did the same thing with money that was given to my brothers and me when we were kids - they never replaced the money. It still really annoys me, as they've got lots of money now.)
I agree with the poster above who says you should stop saving your hard earned money for this greedy family. If you want to benefit your niece, do it in a way that can't be exploited or touched by her greedy parents.
And it's very easy not to notice that people are in financial trouble - people don't generally publicise that sort of thing. Also, they were able to get out of it quite easily/quickly by stealing your niece's money.

antonia1

This totally depends on how skint the parents were when they took their daughters money. If they had run out of fag money or wanted a nice bottle of wine then thats pretty bad. If they had no money to buy food then taking it was probably best for the child.

Either way, though, it is nothing to do with the original giver of the money. It is their daughter's money they took, as once you have given a gift it is no longer yours.

pennypinchUK

You've every right to be incensed - the parents have clearly acted against your intentions and there's no excuse for their actions. At the very least, they should have approached you and asked if they could borrow the money from the account and pay it back later. Without a doubt, I would ask for the money back, but you have little chance of forcing them to repay it. Families have been divided for much less.

madmurphy3

It is a case of fraud pure and simple, you are within your right to claim back the money for your niece tho don't think you will personally gain.